Wells Fargo & Company Forecasts Strong Price Appreciation for Parker-Hannifin (NYSE:PH) Stock

Parker-Hannifin (NYSE:PH - Get Free Report) had its target price boosted by Wells Fargo & Company from $670.00 to $770.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the industrial products company's stock. Wells Fargo & Company's price target would suggest a potential upside of 7.07% from the stock's current price.

Other equities analysts have also issued reports about the stock. Wolfe Research lowered shares of Parker-Hannifin from an "outperform" rating to a "peer perform" rating in a report on Thursday, April 3rd. Truist Financial cut their price target on Parker-Hannifin from $842.00 to $717.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Evercore ISI upped their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Barclays cut their target price on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Finally, Mizuho set a $785.00 target price on shares of Parker-Hannifin in a report on Friday, May 16th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Parker-Hannifin currently has an average rating of "Moderate Buy" and an average price target of $719.41.

Parker-Hannifin Trading Up 1.1%

Parker-Hannifin stock traded up $7.69 during trading hours on Tuesday, hitting $719.15. The company had a trading volume of 360,526 shares, compared to its average volume of 697,327. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.70 and a current ratio of 1.21. The firm has a market cap of $91.89 billion, a P/E ratio of 27.69, a P/E/G ratio of 3.10 and a beta of 1.34. The company has a 50-day moving average price of $662.00 and a two-hundred day moving average price of $643.82. Parker-Hannifin has a 1 year low of $488.45 and a 1 year high of $720.90.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping the consensus estimate of $6.72 by $0.22. The business had revenue of $4.96 billion during the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a return on equity of 26.80% and a net margin of 17.14%. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $6.51 EPS. On average, sell-side analysts anticipate that Parker-Hannifin will post 26.71 earnings per share for the current year.

Insider Activity

In related news, VP Jay Reidy sold 150 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president directly owned 2,083 shares of the company's stock, valued at $1,292,230.71. This trade represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Parker-Hannifin

A number of hedge funds have recently modified their holdings of the business. First Manhattan CO. LLC. increased its stake in shares of Parker-Hannifin by 1.0% in the 4th quarter. First Manhattan CO. LLC. now owns 1,580 shares of the industrial products company's stock worth $1,005,000 after acquiring an additional 15 shares during the last quarter. Cascade Financial Partners LLC grew its holdings in shares of Parker-Hannifin by 3.1% in the first quarter. Cascade Financial Partners LLC now owns 498 shares of the industrial products company's stock valued at $303,000 after purchasing an additional 15 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its position in Parker-Hannifin by 0.8% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,814 shares of the industrial products company's stock worth $1,103,000 after purchasing an additional 15 shares during the last quarter. Empowered Funds LLC raised its stake in Parker-Hannifin by 0.5% during the first quarter. Empowered Funds LLC now owns 2,894 shares of the industrial products company's stock worth $1,759,000 after purchasing an additional 15 shares during the period. Finally, Dorsey & Whitney Trust CO LLC raised its stake in Parker-Hannifin by 1.5% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 1,083 shares of the industrial products company's stock worth $689,000 after purchasing an additional 16 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.